NEW YORK, May 23, 2022 /PRNewswire/ — The Premium Cosmetics Market value is set to grow by USD 51.75 billion, progressing at a CAGR of 6.6% from 2021 to 2026, as per the latest report by Technavio. The market is segmented by product (skincare products, fragrances, color cosmetics, hair care products, and others), distribution channel (offline distribution channel and online distribution channel), and geography (APAC, Europe, North America, South America, and Middle East and Africa).
Moreover, the increased demand for premium skincare products is notably driving the market growth. However, lack of consumer reach and premium brand penetration in major parts of developing regions, including MEA and APAC may impede the market growth.
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Premium Cosmetics Market 2022-2026: Segmentation
37% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for premium cosmetics in APAC. Market growth in this region will be faster than the growth of the market in other regions. The rising access to online shopping through the Internet and smart gadgets will facilitate the premium cosmetics market growth in APAC over the forecast period.
The premium cosmetics market share growth by the skincare products segment will be significant during the forecast period. The skincare market is growing as both young and old women seek products to help them achieve better-looking skin. Though women form the largest customer segment in the global premium skincare products market, men are increasingly becoming conscious of their personal grooming and wellness. Therefore, to widen the customer base, vendors are in the process of launching innovative skincare products that are custom-made for men.
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Premium Cosmetics Market 2022-2026: Driver
One of the key factors driving growth in the premium cosmetics market is the increased demand for premium skincare products. Selected professional skincare product manufacturers provide innovative, professional treatments to their customers, followed by giving them premium products that are costlier than regular skincare products. Consumers are more aware of skincare concerns like aging spots, acne, and pigmentation and hence, are ready to pay for premium skincare products. Innovative skincare products have the right combination of superior-quality ingredients, a factor that leads to product premiumization. With rising disposable income, consumers do not mind spending more on premium products, which has led to increased demand for premium cosmetics, especially skincare products. Also, skincare brands focus on differentiating themselves from pharmaceutical companies. Therefore, they invest in innovative ingredients and technologies that would positively affect the health and appearance of customers’ skin.
Premium Cosmetics Market 2022-2026: Challenge
The lack of consumer reach and premium brand penetration in major parts of developing regions, including MEA and APAC will be a major challenge for the premium cosmetics market during the forecast period. Building an effective distribution network and strategizing product distribution have always been major concerns for beauty products manufacturers. Strategic distribution involves selecting distribution channel partners, which becomes more difficult in the case of premium beauty products, such as face oils, as they are mainly available in specialty beauty retail stores and department stores and sometimes through e-retailers. The penetration of department stores and specialty beauty retail stores is the highest in developed nations and tier-1 cities. However, there are very few consumers who buy premium cosmetics in tier-2 and tier-3 cities of developing nations of MEA and APAC, which makes it unfeasible for retailers or vendors to open stores in these cities. Also, logistics forms a major concern as most retailers, whether brick and mortar or e-retailers, lack in building strong delivery channels in these cities. The lack of reach to consumers and low premium brand penetration in major parts of developing regions, including MEA and APAC, challenge the growth of the global premium cosmetics market.
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Premium Cosmetics Market 2022-2026: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our report covers the following areas:
Premium Cosmetics Market 2022-2026: Vendor Analysis
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
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Amway Corp.
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Beiersdorf Aktiengesellschaft
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CHANEL Ltd.
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Coty Inc.
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Dambiro de
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Groupe Clarins
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Henkel AG and Co. KGaA
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Johnson and Johnson
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Kose Corp.
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Loccitane International SA
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LVMH Moet Hennessy Louis Vuitton SE
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NUDE Beauty Brands
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Oriflame Holding AG
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RevlonInc.
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Shiseido Co. Ltd.
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The Avon Co.
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Unilever PLC
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The Procter and Gamble Co.
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Kao Corp.
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LOreal SA
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The Estee Lauder Co. Inc.
The premium cosmetics market is fragmented and the vendors are deploying growth strategies such as engaging in continuous R&D to provide products that are used by people around the world to compete in the market.
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Premium Cosmetics Market 2022-2026: Key Highlights
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CAGR of the market during the forecast period 2022-2026
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Detailed information on factors that will assist premium cosmetics market growth during the next five years
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Estimation of the premium cosmetics market size and its contribution to the parent market
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Predictions on upcoming trends and changes in consumer behavior
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The growth of the premium cosmetics market
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Analysis of the market’s competitive landscape and detailed information on vendors
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Comprehensive details of factors that will challenge the growth of premium cosmetics market vendors
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Mass Beauty Care Market by Distribution Channel and Geography – Forecast and Analysis 2022-2026: The mass beauty care market share is expected to increase by USD 153.55 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.92%. To get more exclusive research insights: Download Our Sample Report
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Premium Cosmetics Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.6% |
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Market growth 2022-2026 |
$ 51.75 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
5.8 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 37% |
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Key consumer countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
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Companies profiled |
Amway Corp., Beiersdorf Aktiengesellschaft, CHANEL Ltd., Coty Inc., Dambiro de, Groupe Clarins, Henkel AG and Co. KGaA, Johnson and Johnson, Kose Corp., Loccitane International SA, LVMH Moet Hennessy Louis Vuitton SE, NUDE Beauty Brands, Oriflame Holding AG, Revlon Inc., Shiseido Co. Ltd., The Avon Co., Unilever PLC, The Procter and Gamble Co., Kao Corp., LOreal SA, and The Estee Lauder Co. Inc. |
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Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for the forecast period, |
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Customization preview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by Distribution Channel
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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